(a) Definition of "Covered Professional." For purposes of this rule, the term “covered professional” shall mean a person associated with a municipal advisor who is qualified as a municipal advisor representative in accordance with Rule G-3 and for whom the municipal advisor has on file with the Commission an active Form MA-I as of January 31 of each year.

(b) Annual Municipal Advisor Professional Fee. Each municipal advisor that is registered with the Commission shall pay to the Board a recurring annual fee equal to the amount set forth in the Rate Card as noted in Supplementary Material .01 for each covered professional for each respective year. The annual professional fee shall be due by April 30 each year in the manner provided by the MSRB Registration Manual.

(c) Late Fees. Any municipal advisor that fails timely to pay in full the total professional fee due under section (b) of this rule shall pay a monthly late fee equal to twenty-five dollars for such failure, and a late fee on the total overdue balance based on the Prime Rate until paid.

.01 Rate Card Fee. Pursuant to Section (b) above, each municipal advisor that is registered with the Commission shall pay to the Board a fee for each covered professional as of January 31 of the applicable year, beginning in 2026, in the amounts listed below:

(a) 2026: $1,130 for each covered professional;

(b) 2027: $1,200 for each covered professional;

(c) 2028: $1,270 for each covered professional;

(d) 2029: $1,340 for each covered professional.

Any subsequent amendment of these Rate Card Fees will be determined pursuant to the Board’s rate card process as further described in the Board’s funding policy. Any such amendment to Rate Card Fees will be filed with the Commission pursuant to the provisions of Section 19(b)(1) of the Act. Rate Card Fees in effect at the end of any period for which they have been established as set forth in this rule shall remain in effect after the lapse of such period until new Rate Card Fees are established and become effective. The rate card process includes a maximum cap on assessment rate increases or decreases during the period covered by a particular rate card that caps the maximum change in the assessment rate for a Rate Card Fee at 15% of the immediately preceding assessment rate effective during such period, without regard to any temporary credit provided for such Rate Card Fee. For so long as the Board’s funding policy sets forth, in whole or in part, the Board’s rate card process, the Board’s funding policy and any revisions thereto will be published on the Board’s website and may be accessed at https://www.msrb.org/MSRB-Funding-Policy-1.

.02 Calculation of the Prime Rate for Purposes of an Overdue Balance. In accordance with subsection (c) of this Rule A-11 regarding the imposition and calculation of late fees, the Prime Rate is the annual rate of the commercial prime rate of interest as last published in The Wall Street Journal prior to the date such charge is computed.